The Philippines International Container Terminal Services ICTSI executed its second perpetual of the year on Tuesday with a deal that appeared to catch a good market window ahead of the early autumn rush and potential interest rate volatility.
The unrated group attracted a $1.8 billion order book for a senior issue that was upsized to $450 million from early indications around the $300 million to $350 million level. Pricing was also narrowed from an indicated yield of 5.75% to 5.5% on an issue price of par and spread of 391.6bp over Treasuries.
The perpetual deal was issued in the name of Royal Capital BV with a...
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